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John,
Your CME link does not work FYI
don ewers
----- Original Message -----
From: <I4Lothian@xxxxxxx>
To: <omega-list@xxxxxxxxxx>
Sent: Wednesday, September 12, 2001 4:32 PM
Subject: John Lothian: Special Report - Reopening the Markets News
> Here is a special report of my newsletter about the markets reopening.
> Please not the commentary below about the NYMEX and CME talks.
>
> Lead Stories
>
> CBOT to Reopen Open Outcry and Electronic Trading ...
> http://www.cbot.com/cbot/www/cont_detail/0,1493,11+24+109+4312,00.html
>
> Chicago Mercantile Exchange Inc. To Resume Normal Trade In Most Products
On
> Thursday, Sept. 13 (09/12/01)
> Chicago Mercantile Exchange Inc. (CME) announced that floor trading of its
> interest rate, foreign exchange and commodity markets and its Nikkei 225
> equity index futures and options contracts will resume at their normal
times
> tomorrow, Sept. 13.
>
http://www.cme.com/news/shownews.cfm?NewsItem=00043D1F-B6D7-1B9F-A13880EDBEF
> B0911
>
> NYSE says to hold 3 p.m. news conference at Bear Stearns (Reuters
> Securities)
> ...EDT (1900 GMT) at the headquarters of Bear Stearns at 245 Park
> Avenue...
> http://biz.yahoo.com/rf/010912/n12289187_1.html
>
> Kansas City Board of Trade will be open for wheat trading on Thursday
> http://www.kcbt.com/091201a.htm
>
> CBOE Business and Trading Hours Update
> CBOE offices will be open for business, with increased security, on
> Thursday, Sept. 13. All members and employees must display security
badges.
> A decision as to when trading will open at CBOE will be made later this
> afternoon. Please continue to check the CBOE website at www.cboe.com or
> call the CBOE Hotline at 1- 800- 380- 7118 for updates.
> http://www.cboe.com/AboutCBOE/ExchangeUpdate1.asp
>
> Futures Industry asks no electronic night trade (Reuters Securities)
> The Futures Industry Association has recommended that electronic a/c/e
> trading at the Chicago Board of Trade and GLOBEX2 trading at the Chicago
> Mercantile Exchange stay shut Wednesday night and that pit trading reopen
> with a normal session on Thursday, FIA's president said on Wednesday.
> http://biz.yahoo.com/rf/010912/n12343509_1.html
>
> Deutsche Boerse says US trade to stay shut Thursday (Reuters Securities)
> Deutsche Boerse said on Wednesday that trading in U.S. stocks at the
> Frankfurt Stock Exchange and in futures and options on the Dow Jones
Global
> Titans index at Eurex will remain closed on Thursday.
> http://biz.yahoo.com/rf/010912/l1258853_2.html
>
> BOURSE DE MONTRÉAL INC. : ALL MARKETS WILL BE OPENED TOMORROW - September
> 12th, 2001
> http://www.me.org/cgi-bin/webcomm-2.0?site=bdm&lng=en&idx=2&ref=2168
>
> SEC's Pitt Expects Markets Open Thursday (Reuters)
> U.S. Securities and Exchange Commission Chairman Harvey Pitt, the nation's
> top market regulator, expects U.S. financial markets to reopen for
business
> on Thursday, an SEC spokesman said on Wednesday.
>
http://us.news2.yimg.com/f/42/31/7m/dailynews.yahoo.com/h/nm/20010912/bs/fin
> ancial_sec_pitt_dc_5.html
>
> Nasdaq says to resume trading "soon as possible" (Reuters Securities)
> Nasdaq, the No. 2 U.S. stock market, said it expects trading to resume
``as
> soon as possible'' and may make an announcement later on Wednesday.
> http://biz.yahoo.com/rf/010912/wat024699_1.html
>
> NYMEX Mulling Trade Resumption Via ACCESS (Reuters)
> The New York Mercantile Exchange (NYMEX) said Wednesday it is weighing the
> possibility of resuming trade through its electronic ACCESS trading system
> in the aftermath of the World Trade Center plane attacks on Tuesday.
>
http://us.news2.yimg.com/f/42/31/7m/dailynews.yahoo.com/h/nm/20010912/bs/att
> ack_nymex_dc_1.html
>
> NYBOT Says Employees, Members Safe (Reuters)
> The New York Board of Trade (NYBOT), whose exchange was buried under tons
of
> rubble Tuesday in the plane attacks that destroyed the World Trade Center
> (WTC), said all its employees and members were safe.
>
http://us.news2.yimg.com/f/42/31/7m/dailynews.yahoo.com/h/nm/20010912/bs/att
> acks_nybot_dc_1.html
>
> Toronto Stock Exchange shows bond with New York (Reuters Securities)
> The Toronto Stock Exchange, displaying the bond Canada's biggest bourse
has
> with its New York counterpart, said it will remain closed on Wednesday
after
> the devastating attacks on the United States using hijacked airliners as
> guided missiles caused U.S. financial markets to shutter their doors.
> http://biz.yahoo.com/rf/010912/n12417010_1.html
>
> Cantor Fitzgerald to Offer Counseling, Crisis-intervention Services - Wed
> 4:18 pm
> Cantor Fitzgerald, L.P. today said it is offering counseling and support
> services throughout the rest of the week for the employees, families and
> friends of Cantor Fitzgerald, eSpeed and TradeSpark.
> http://biz.yahoo.com/bw/010912/122172_1.html
>
> Exchange News
>
> The Clearing Corporation will run a normal processing schedule today,
> Wednesday, September 12 with the exception of the following:
> - there will be no delivery processing
> - there will be no mid-day variation
> - there will be no option exercise or assignment processing
> Trade reconciliations and report distributions through INFOPAC will remain
> the same as a normal trading day. The final reconciliation will be run at
> 7:00 p.m.
> Updated positions from today's processing will be marked-to-market using
> Tuesday's settlement price and subject to original margin,
> both of which will be paid and collected tomorrow morning at 6:40 a.m.
Firms
> are also requested to submit Open Interest files prior to 5:30 a.m.
tomorrow
> reflecting updated positions from today's processing.
> The CBOT has declared that an early trade checking session will take place
> at 6:00 a.m. tomorrow morning.
> http://www.botcc.com/
>
> Early Trade Checking, Financials and Dow Jones - 09.12.2001
> Mandatory Early Trade Checking Thursday, Sept. 13, 2001.
> http://www.cbot.com/cbot/www/cont_detail/0,1493,11+24+268+4311,00.html
>
> Regulatory News
>
> Collapse of SEC's NY office seen hobbling probes (Reuters Securities)
> The destruction of the U.S. Securities and Exchange Commission's field
> office in New York City is likely to hinder, but not halt, major
> investigations by America's top market regulator, former SEC officials and
> lawyers said Wednesday.
> http://biz.yahoo.com/rf/010912/n12239767_2.html
>
> Miscellaneous News
>
> Riskwaters.com Conference
> On the morning of Tuesday September 11th Risk Waters was hosting its
> Financial Technology Congress on the 106th floor of the World Trade Center
> in New York. All
> attempts by Risk Waters staff in New York and London to establish the
> whereabouts of those attending the conference have so far yielded no
> information. If you are
> family of an attendee or have information about attendees please call +44
> (0) 20 7484 9700 and ask for the Emergency Co-ordinator.
>
> Useful numbers
>
> Credit Suisse
> U.S.-only (toll-free) 1-877-335-CSFB (2732) U.K. (world-wide) + 44
> 207-883-5555
>
> Icap +1 201 557 5000, or +44 207 638 7592
>
> Standard Chartered 44 207 280 7854
>
> Fuji Bank 44 207 008 0000
>
> Morgan Stanley - An employee safety hotline has been set up in the US:
888
> 883 4391 and a client number for investment banking enquiries: 800 761
> 8950 x17037
>
> FOOL'S EYE VIEW - The Aftermath of a Tragedy
> In the wake of yesterday's tragedy, the best thing to do is keep moving
> forward so that yesterday's contemptible acts are shown to be futile.
> http://www.fool.co.uk/news/foolseyeview/fev.htm?ref=ukfp
>
> GLOBAL MARKETS-US markets stunned as Wall St mourns human loss (Reuters
> Securities)
> U.S. markets were shut on Wednesday with financial market participants
> reeling from an expected staggering human death toll a day after a wave of
> terror shook the nation, while European stocks and the dollar clambered
> higher.
> http://biz.yahoo.com/rf/010912/n12482221_2.html
>
> Brokers urge calm to customers amid cloudy outlook (Reuters Securities)
> Stock brokers at firms across the country are unsure how share prices will
> react when markets eventually reopen, but on Wednesday they were urging
> customers to remain calm after attacks on the World Trade Center and the
> Pentagon.
> http://biz.yahoo.com/rf/010912/n12288847_1.html
>
> STREET WISE -- The Markets' Uncertain Future (Business Week)
> Analysts can point to any number of forces that could continue to pound
> stocks. So what should you do?
> http://biz.yahoo.com/bizwk/010912/c4sdjtqlllcqkk0odwcdqg_1.html
>
> John's Comments
>
> There is talk the NYMEX and the CME are discussing listing 6 NYMEX
contracts
> on the Globex2 electronic trading platform of the CME. I could not
confirm
> this with any exchange personnel, but there was some test files being sent
> to some back office vendors for those contracts and a conference call with
> representatives of the Futures Industry Association and exchanges. The
> contracts listed would include Gold, Silver, Unleaded, Heating Oil, Crude
> Oil and Natural Gas. The contracts would not be fungible with NYMEX
> contracts, but would offer traders the ability to spread their risk,
perhaps
> at reduced margin risk. I would think that some kind of future Exchange
for
> Physical could be executed prior to last trading day, after the NYMEX
begins
> trading again, to offset both sides of the open positions. That would
> create a virtual fungibility. Also, the talks centered around listing
only
> the spot month.
>
> I was a bit surprised by the NYMEX talks with the CME because of a story
> mentioning that the NYMEX was looking at starting trading again just on
> ACCESS. But the energy markets and metals are critical markets and it
would
> not surprise me to see pressure put on the CME and NYMEX by member firms
of
> both exchanges put pressure on the CME to list the contracts. The CME
> Globex2 has the widest distribution of trading screens of any of the U.S.
> electronic markets. Thus, listing them on Globex2 would give them the
> broadest distribution to the retail and institutional market. The closed
> ACCESS environment, without API connectivity like Globex2, a/c/e, Eurex
and
> LIFFE, would be a bottlenecked system. There would be efficiency problems
> as clerks with ACCESS terminals try to enter all the orders. Thus, the
best
> way to quickly get a broad distribution would be Globex2.
>
> Additionally, I am told that many of the ACCESS terminals were in offices
in
> the World Trade Center. And, the off-site terminals were all routed
through
> an AT&T communications hub in the WTC complex. Also, there is a question
> whether the off-hours ACCESS electronic matching engine would be able to
> handle the demands or regular hours trading. I am told there will be
> further discussions between the CME and NYMEX again tonight, and then
later
> the FIA group will be briefed on the outcome. There will be no NYMEX
> trading tomorrow, one way or another, I am told.
>
> Regards,
>
> John J. Lothian
>
> The Price Futures Group, Inc.
> Electronic Trading Division
> Chicago Board of Trade Building
> 141 West Jackson Boulevard, Suite 1340A
> Chicago, IL 60604
> Phone: 1-800-713-0215 or 312-648-2426
> Fax: 312-902-6437
> Web site: www.pricegroupetd.com
> E-Mail: JLothian@xxxxxxxxxxxxxx
>
> Disclaimer: This letter is strictly the opinion of its writer, and not
> necessarily those of The Price Group and its management, and is
> intended solely for informative purposes and is not to be construed, under
> any circumstances, by implication or otherwise, as an
> offer to sell or a solicitation to buy or trade in any commodities or
> securities herein named. Information is obtained from sources
> believed to be reliable, but is in no way guaranteed. No guarantee of
any
> kind is implied or possible where projections of future
> conditions are attempted.
>
> Futures and options trading involves risk. Past results are no indication
> of future performance.
>
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